Dr Peters is trying to reassure investors in four funds linked to Airbus A380s recently returned from Air France that they will be fully reimbursed -- after they were approached by law firms warning of the potential total loss in their holdings.
In an email the asset manager said that law firms had approached investors warning them that “in bad times and especially in the event of bankruptcy, there is a risk not only of total loss, but also of repayment of the dividends".
It accuses the unnamed law firms of trying to win new clients by using “false accusations and twisted facts” and warns that the letters “represent a risk, as some investors may be unsettled”.
Dr Peters notes that shareholders of all A380 funds have already received part of their invested capital back through annual pay-outs.
“A total loss of the participation can therefore be ruled out,” it adds.
Currently, the payments made by the individual funds amount to 55-65% of the paid-in capital, it adds.
In external relationships, the investors are not liable to corporate creditors, Dr Peters states.
In a theoretical case of liability being asserted by a company creditor, the investors would be required to reimburse the limited partner in trust.
This obligation is also limited to a maximum of 1% of the investor's stake, Dr Peters states.
On its website, the German fund manager warns that in the “exceptional economic situation” created by Covid-19, fund companies will not be able to avoid making contributions to maintaining leasing contracts. This, it says, could include deferrals.
Air France has decided to retire its entire A380 fleet immediately in light of the crisis.
Dr Peters tells Airfinance Journal that it has a “solution” in place for one of the A380s that “secures the preservation of the paid-in capital of our investors”.
It says there has been no progress yet in finding new homes for the four other A380s returned by Air France and negotiations continue “in a very difficult market environment”.
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